The SPDR S&P 500 ETF (SPY) has hit session lows, heading into the end of regular trading. At the current price of $265.76, down over 1.1% on the day, next support is at $264.76. Resistance is at $266.80. Sector breadth is bearish across the board. Sectors leading on the downside are Technology (XLK) and Consumer Staples (XLP). The Financials (XLF) sector is negative as well, but the relative better-performer at time of writing.

Morgan Stanley equity strategist Michael Wilson said he thinks many of the risks facing the market have now been priced in and he sees value in the S&P, which is currently at the low end of his target near-term range ahead of what will likely be a strong Q1 earnings season. However, he is moving the Utilities sector to Equal Weight from Overweight, stating that this is not a sell call for those who recently bought the stocks but that a tactical overweight after recent relative outperformance no longer makes sense.

Oppenheimer has initiated an S&P 500 price target of $3,000 in 2018 as it believes the fundamentals - both economic growth and corporate earnings - will likely improve further in 2018. Its price target and earnings estimate do not include any assumptions about what tax reform might ultimately look like.

SPYSPDR S&P 500 ETF Trust

$265.88

-2.96 (-1.10%)

06/28/17

GSCO

06/28/17NO CHANGEGSCO

S&P 500 price target raised to 2,400 from 2,300 at Goldman Sachs

Goldman analyst David Kostin raised his S&P 500 earnings estimate to $129 from $123 in 2017 and to $139 from $129 in 2018 to reflect strong Q1 results and higher expected growth in Financials and Info Tech. Kostin raised his year-end S&P 500 price target to 2,400 from 2,300 to reflect earnings growth of 9%, offset by a 4% contraction in the forward multiple.